Brilliant Portfolios Ltd Management Discussions

Business Overview

Brilliant Portfolios Limited (‘Your Company’) is registered as a Non-Banking Financial Company - Non- Systemically Important Non-Deposit Taking Company (NBFC-ND) and is primarily engaged in lending and investment activities. Your Company was incorporated in 1994. Your Company is listed on Bombay Stock Exchange. Registered office of your company is in Delhi.

Industry Structure and Developments

The Indian economy continued to demonstrate resilience during Financial Year 2025-26 despite global geopolitical developments, inflationary pressures and volatility in international financial markets. Supported by strong domestic consumption, infrastructure investments, policy reforms and increasing digitisation, India remained one of the fastest-growing major economies in the world.

The Non-Banking Financial Company (NBFC) sector continued to play a vital role in providing credit access, supporting entrepreneurship and contributing to financial inclusion. Improved asset quality, stable regulatory oversight by the Reserve Bank of India ("RBI"), increasing formalisation of the economy and sustained demand for credit created favourable conditions for growth in the financial services sector.

Opportunities and Outlook

Indias long-term economic fundamentals continue to remain strong. Growing formalisation of the economy, increasing financial inclusion, rising demand for credit, technological advancements and supportive regulatory initiatives are expected to create significant opportunities for the NBFC sector.

The Company intends to leverage these opportunities by expanding its lending portfolio, strengthening customer relationships, enhancing operational efficiencies and maintaining prudent risk management practices. The Directors remain optimistic about the long-term prospects of the Company and expect sustainable growth in the coming years.

Risks and Concerns

The Companys business is exposed to various risks including credit risk, liquidity risk, interest rate risk, market risk, operational risk and regulatory risk. To mitigate these risks, the Company follows prudent lending policies, robust credit appraisal mechanisms, continuous monitoring of borrower accounts and effective internal control systems. The Company regularly reviews its risk management framework to ensure timely identification, assessment and mitigation of business risks. The management continues to monitor macroeconomic developments and regulatory changes that may impact the Companys operations and financial performance.

Internal Control Systems and Their Adequacy

The Company has established adequate internal control systems commensurate with the size, scale and complexity of its operations. The internal control framework is designed to ensure safeguarding of assets, accuracy of accounting records, compliance with applicable laws and regulations and reliability of financial reporting.

Financial and Operational Performance

The Companys operational performance remained satisfactory during the year under review. Growth in lending activities contributed significantly to higher interest income and overall profitability. The Company maintained a healthy balance sheet, adequate liquidity position and strong capital base to support future business growth.

Key Financial Ratios

The Company continuously monitors key financial and operational parameters including profitability, asset quality, liquidity, leverage and capital adequacy to ensure financial stability and sustainable growth.

Segment Wise Performance

The Company operates in a single reportable segment, namely financing and investment activities. Accordingly, separate segment-wise performance reporting is not applicable.

Human Resources and Industrial Relations

Human resources remain a valuable asset of the Company. The Company continues to focus on employee development, professional growth and maintaining a healthy work environment.

Material Developments in Human Resources / Industrial Relations

There were no material developments on the human resources or industrial relations front during the year under review. The Company continues to promote a culture of professionalism, integrity, teamwork and performance excellence.

Cautionary Statement

Statements made in this Management Discussion and Analysis Report describing the Companys objectives, projections, estimates, expectations or predictions may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ materially from those expressed or implied due to various factors including economic conditions, changes in government policies, regulatory developments, market conditions and other risks and uncertainties beyond the Companys control. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

	For and on behalf of the Board of Directors of
		Brilliant Portfolios Limited
Place: New Delhi	Ravi Jain	Raghu Nandan Arora
Date: 12/08/2026	(Managing Director)	(Director)
	DIN:02682612	DIN: 00503731